Stock Markets: On January 20, Nifty remained around 23,350 and Indian equity indices closed strongly. At the end of the trading session, Sensex closed 454.11 points or 0.59 per cent higher at 77,073.44 and Nifty closed 141.55 points or 0.61 per cent higher at 23,344.75. Today about 2399 shares advanced, 1492 shares declined and there was no change in 160 shares. Kotak Mahindra Bank, Wipro, Bajaj Finance, NTPC and Bajaj Finserv were the top gainers on Nifty. While SBI Life Insurance, Shriram Finance, Trent, HDFC Life and Adani Ports declined.
Except Auto and FMCG, all other indices closed in the green. Bank, Media, Metal, Capital Goods, PSU, Telecom, Electricity, PSU Bank were up 1-2 percent. The BSE Midcap index was up 0.66 per cent and the Smallcap index was up nearly 1 per cent.
Vinod Nair, Research Head, Geojit Financial Services It is said that the rise in Asian markets also supported the domestic markets. This was a good start to the week. Additionally, a strong initial set of results from the banking and financial sectors has raised the possibility of earnings improvement in the near term. Due to this also the market sentiment has become positive. However, uncertainty remains about Trump’s policies. Investors are eagerly waiting for more clarity on this. Oil prices remain at high levels. There is concern in the market due to this also.
Aditya Gaggar, Director, Progressive Shares Says that after a volatile start, the market gained momentum. At the end of the trading session, Nifty closed at 23,344.75 with a gain of 141.55 points. Barring auto and FMCG, most sectors closed in the green, with banking and metal indices leading the way. Broader markets outperformed the frontline index. Today mid and small caps rose by more than 0.90 percent. The index has formed a bullish candle and Nifty closed at the upper end of its consolidation range. Tomorrow’s trading session will be important to clarify the future direction. A breakout above the current levels could take the index to the zone of 23,570-23,690. Immediate resistance for Nifty is at 23,360 and 23,570, while support is seen at 23,200.
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Prashant Tapse of Mehta Equities Says that before Trump took charge as US President today, Asian and European markets remained bullish. Its good effect was also seen on the Indian benchmark. Banking and telecom shares led the recovery. Although it was just an emotional outburst. There is still an atmosphere of uncertainty in the market. Due to this, a lot of volatility is being seen. Domestic investors will focus more on the Union Budget to be announced on February 1. It remains to be seen what measures the Finance Minister takes to deal with the current recession and Trump’s trade policy.
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